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Term Life

Introduction

In the journey of homeownership, protecting your family's financial future is paramount. The Income Mortgage Term insurance offers a robust solution to safeguard your loved ones from the burden of outstanding mortgage loans in the face of life's uncertainties. This term life insurance product provides comprehensive coverage against death, total and permanent disability (TPD before age 70), and terminal illness. With flexible policy terms and customizable features, Income Mortgage Term ensures that your family can maintain their home and financial stability, even if the unexpected occurs.

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Coverage and Benefits

Income Mortgage Term offers a range of benefits designed to provide comprehensive protection for your mortgage loan. From death benefits to disability coverage, this product ensures that your family's financial security remains intact in challenging times.

Death Benefit

Full Coverage: In the event of the insured's death, the policy pays out the sum assured, which can be used to settle the outstanding mortgage loan.

Terminal Illness Benefit

Advanced Payout: If diagnosed with a terminal illness, the full sum assured is paid out, providing financial relief during a difficult time.

Total and Permanent Disability

Comprehensive Protection: The policy covers total and permanent disability (TPD) before age 70, paying out the sum assured to help manage financial obligations.

Flexible Sum Assured

Tailored Coverage: Choose from a range of loan interest rates (1% to 7%) to ensure your mortgage is adequately covered throughout the policy term.

Policy Terms and Conditions

Income Mortgage Term offers flexibility in policy terms to align with your specific mortgage needs. Understanding these terms is crucial for selecting the right coverage for your situation.

Flexible Policy Terms

Customizable Duration: Select a policy term ranging from 5 to 35 years, allowing you to match your coverage to your mortgage liability period.

Maximum Coverage Age

Extended Protection: Enjoy coverage up to a maximum age of 84, ensuring long-term peace of mind for your mortgage obligations.

Premium Payment Period

Reduced Payment Term: Premiums are only required until 2 years before the end of your selected policy term, easing your financial commitment in later years.

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Riders

Enhance your Income Mortgage Term policy with additional riders for comprehensive protection. These optional add-ons provide extra coverage and financial security for various scenarios.

Essential Protect Rider

Comprehensive Coverage: This rider provides additional protection against death, TPD (before age 70), dread diseases, and terminal illness, offering a more robust safety net.

Payor Premium Waiver

Financial Relief: This rider waives future premium payments if the payor (if different from the insured) faces specified adverse events, ensuring policy continuity.

Enhanced Payor Premium Waiver

Extended Protection: Similar to the Payor Premium Waiver, this enhanced version offers more comprehensive coverage for premium waiver scenarios.

Dread Disease Premium Waiver

Critical Illness Support: This rider waives future premiums if the insured is diagnosed with a covered dread disease, maintaining coverage during challenging times.

Claims and Customer Service

While we are not directly affiliated with Income Insurance Limited, we can provide general guidance on claims and customer service processes. Typically, policyholders can file claims by contacting Income's customer service hotline at 6788 1122 or visiting their website at www.income.com.sg. It's advisable to have all relevant documentation ready when initiating a claim. For personalized assistance, customers can use the 'Chat instantly' feature on Income's website or schedule a meeting with an Income advisor. Remember, prompt communication with the insurer is key when dealing with claims or policy inquiries.

Conclusion

Income Mortgage Term insurance is particularly well-suited for homeowners seeking to protect their families from the financial burden of mortgage payments in case of unforeseen circumstances. It's an excellent choice for those who want flexible coverage terms and the option to enhance protection with additional riders. Young families or individuals with long-term mortgages may find this product especially beneficial due to its customizable features and extended coverage options.

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